Crypto Casinos vs money laundering. - page 5.

NewRanger

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Quote from: Sarah Azhari on October 17, 2022, 09:25:15 PM

Quote from: goinmerry on October 17, 2022, 07:48:15 PM

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

i think there is another solutioj for kyc , remember rich man could pay someone for doing anything. I heard alot rich man save their assets using their office boy name or someone else. Money laundry could do by various strategy, and casino could be one of them. Passing kyc in online could do with our friend name or someone.

traderethereum

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Quote from: Sarah Azhari on October 17, 2022, 09:25:15 PM

Quote from: goinmerry on October 17, 2022, 07:48:15 PM

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

If the problem is still going to persist, I think they should move to another less restrictive casino, especially when it comes to KYC.
If we spend a little money on gambling, the casino may not pay more attention because they will think that we are average gamblers who just want to play.
Unless we suddenly win a large prize and want to withdraw the winning money, the casino can ask us to do KYC immediately.
Those money launderers will look for places they can use to launder money.

Sarah Azhari

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Quote from: goinmerry on October 17, 2022, 07:48:15 PM

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

so, the conclusion is hard to laundry the money using a casino because they will ask KYC if find something weird and big money in a transaction. So, a question is, if we use a bit, under $100 or minimum requirements withdraw and KYC, is they still asking it?, if not, that possible the money launderer will be gradual withdraw the money.

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Quote from: Baofeng on October 17, 2022, 06:31:05 PM

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

KYC is one of their requirements once they saw an account triggering their system.

If we end up in that situation, and we want to continue playing on the site, or maybe our withdrawals are being held, there's no choice but to comply with KYC.

If after complying with the KYC and still, problems are still there, that's a different story now.

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Quote from: Baofeng on October 17, 2022, 06:31:05 PM

Quote from: mirakal on October 17, 2022, 09:49:20 AM

Quote from: seoincorporation on October 17, 2022, 09:43:59 AM

Quote from: BobK71 on October 17, 2022, 06:40:47 AM

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

Its been earlier stated on terms and conditions specially in most casino platforms this is why whenever they do ask out some verification then automatically tells you had you have done something wrong.

Not all the times though that each of those decisions are precise or right this is why complaints cant really be 100% accurate but most of the times they are really that requiring some verification

and its indeed that they have investigation or monitoring team in regards about possible money laundering.They arent blind and not to notice everything.

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Quote from: Baofeng on October 17, 2022, 06:31:05 PM

Quote from: mirakal on October 17, 2022, 09:49:20 AM

Quote from: seoincorporation on October 17, 2022, 09:43:59 AM

Quote from: BobK71 on October 17, 2022, 06:40:47 AM

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

established casinos with license more then likely have their own security department. i don't think they won't have people for this if they are holding large sum of money. there are so many scammers, hackers and other fraudsters. if they will not get ahead of this game, they will be bankrupt in no time. and with kyc requirement, they need to keep this in mind even if some are not strictly implementing this to their players. if there's large amount of money, i am sure, this will create flag on their site. this may call for further investigation if it is not the winnings but deposit of the player

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Quote from: mirakal on October 17, 2022, 09:49:20 AM

Quote from: seoincorporation on October 17, 2022, 09:43:59 AM

Quote from: BobK71 on October 17, 2022, 06:40:47 AM

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

And as far as I know, online casino's have their own fraud and investigation department that oversee everything, specially suspicious activities in their platform. So if they suspect something is not right, they may have to ask the mandated KYC and then start the investigation. And if they need the authorities or at least it has been flag down as a launderer, then they will have to work hand and hand with them and the agency will have finally decided if the person is indeed a criminal. At least that's how I see the process, so KYC is a must now.

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Quote from: Jawhead999 on October 16, 2022, 01:10:20 AM

Quote from: LUCKMCFLY on October 15, 2022, 11:28:30 PM

What happens is that it is a sensitive issue, obviously it is as the colleague has said, to some casinos that are highly reputable and very trustworthy if they care about money laundering and therefore use KYC, but it is well known that some casinos that are mostly relatively new, can be in this business camouflaged by the platform and take advantage of a large number of people and players who are very active in the game, so all these things are sometimes good for KYC, but at their Sometimes it is risky, because an apparent KYC can reveal everything about a person and make them even try on their life and leave them there on a silver platter to extort them or any kind of thing.

Actually no one force you to play on new casinos Grin

why we need to play on new casinos when we already know the trusted and reputable casinos that operated until now? it's similar like centralized exchanges. I didn't want to touch any new casinos even though they have an interesting promotion or high bonus because any sites can offer to good to be true, but only few sites are reputable and don't lying to their customers.

I still stick with my old casinos and I never regret with my decision until now.

Some people can't just be contented on what they already have but they will try to look for more. We can't simply blame them because they are also supporting new and small businesses. Imagine if there are no people like them? I think all new businesses are going to fail.

There are no more opportunities for other people but only the existing business are only getting all the benefits. That doesn't sound right. You compare new casinos to centralized exchanges but I think you already know that there are traders who don't use popular cex'es but they still go on newer and unpopular ones because they have higher limits or they are less strict. The same thing can also be felt in newer casinos.

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Quote from: seoincorporation on October 17, 2022, 09:43:59 AM

Quote from: BobK71 on October 17, 2022, 06:40:47 AM

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, they why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

KYC requirement is a mandate coming from the regulators, so if a casino is licensed, they have to implement that KYC as a basic requirement. When it comes to investigation, usually it's the authorities that will do a more thorough investigation and the role of the casino is just to provide the information to the authorities, or the anti-money laundering agency to be specific.

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Quote from: BobK71 on October 17, 2022, 06:40:47 AM

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

If it's impossible for them, then why they have the KYC?

I don't think it's impossible for them, but what i think is there aren't interested at all, because if start a money laundering investigation means to lose some high rollers, then it isn't business at all for the house. That's why the best option for them is to keep those users and don't blame them for their illicit actions.

EarnOnVictor

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Quote from: Rruchi man on September 13, 2022, 05:46:52 PM

Crypto casinos definitely care about Money Laundering as they are also casinos and are subject to enforce AML & KYC regulations to avoid penalties that can cripple their business. They may not make it too strict so as not to scare away some customers who may be wondering the importance of these details, but they must show a level of compliance to prevent being shut down by the people in charge of ensuring that AML & KYC RULES are enforced.

It is good to work with all the casinos that would take KYC and AML seriously, but are they truly doing this? They could be strict in your view pretending they are in compliance with a certain regulation because they need money to cease/steal for themselves. I hardly see a casino company with integrity, they are only covering up for a lot of illegality. Some of them are doing the money laundering, and they are helping others to do so if you could approach them with a good percentage.

Regardless of that, all I want from them is to get my withdrawal as and when due, they are free to do whatever they like.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

Let's be honest, money laundering is the best thing that can happen to a casino and there is where most of high rollers comes from. I have seen some rollers in the past that runs some huge scams and then go to the casinos to play with the scammed money and with that justify where they get the money from after hitting some huge wins.

Nowadays most casinos has KYC, but i don't think that is enough to stop the money laundering, what casinos should do is to investigate the source of the deposits to fight against this illegal activity, but that will not happen because is a win-win game from them.

So, what do you say, does crypto casinos really care about money laundering?

It is not possible to investigate money laundering for a casino company. Moreover, if the casino companies start that investigation, they will have to face big loses in the casino business. That no one wants to do it. It would seem logical if the investigation was given to the Ministry of Finance or any other related organization. Otherwise it is never possible to reduce money laundering.

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Quote from: Oshosondy on October 17, 2022, 03:06:24 AM

Politicians are the ones that are directing how a community should be, to be organized and make the community to survive, but politicians are one of the most corrupt people on earth.

Everyone is a politician. But when we talk of influencing decisions and policies we talk of those who do that as elected political representatives or office holder. Not every politician is in position of authority to influence things. And if you talk of corruption, there are people who are not actively involved in politics but who are more corrupt than those you think are corrupt. People act differently and I do not like to make assumptions on things I do not have facts for. Am not denying that politicians are corrupt but what can we say of those who help them steal like the civil servants?

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Quote from: Maestro75 on October 16, 2022, 07:33:19 PM

Quote from: Oshosondy on September 13, 2022, 05:31:18 PM

But as long as the casino noticed the money is laundered, it would be seized.

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

We don't know for sure but maybe they were the ones who carried out the illegal activities and were allowed to gamble at the casino. They were the exception to the people who played in the casino and it seemed they were the ones with big money.

For such things, we will never know and there seems to be some agreement between them. But the money launderer will know where they can use the money, even if that place is not a casino.

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Quote from: kamvreto on October 16, 2022, 07:46:59 AM

For countries that legalize gambling, of course, KYC for big bets must be done, but it also depends on each casino's regulations. Big bets on gambling will involve a lot of money and several parties so it can't be compared to small gambling or other small bets. this may enter at VVIP level and get special perks.

And as they're permitted by that country, it is expected that they're going to require KYC for their customers. But if that country doesn't have that any certain ruling about online gambling as they're neutral, so basically there's no need for them to comply to that.
If they require their customers and ask for KYC, it's on them. That's the policy of the casino and players have to comply with that whether they like it or not when they've been asked.

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There's no doubt that casino is one of the best way whitening black money. Most of you possibly know that reserve money of Bangladesh was hacked from Federal Reserve Bank of New York. After they stole and withdraw the money, they used casino to bypass the trace.

Getting back to online casinos, yes, it's certainly something I would support casino to prevent. Casino must set team to investigate all deposits. Most of the casinos care about this of course and having a certain X wagering requirements before withdraw the deposit is part of preventing money laundering though it's alone can never prevent laundering at all.
And what's next once they confiscate a deposit, they must be ensured because some shady casinos use this as a weapon to confiscate fund and scam.

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Quote from: Maestro75 on October 16, 2022, 07:33:19 PM

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

What I can say about this is that this world that we live in is not perfect. Politicians are the ones that are directing how a community should be, to be organized and make the community to survive, but politicians are one of the most corrupt people on earth. Because banks are following laws and regulations, that does not mean some bank managers and officials, even bank owners not to be corrupt. Most of the fiat money laundered are in banks. But what I will just tell you is that AML and KYC reduce online crime activities, nothing can completely eliminate online criminality.

Maestro75

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Quote from: Oshosondy on September 13, 2022, 05:31:18 PM

But as long as the casino noticed the money is laundered, it would be seized.

What if the laundered cash is from someone the casino knows and is trying to cover. Do you think it will be seized? That will not happen. Or you think casinos do not hide criminals? Forget the AML and KYC thing that goes on that make us think everyone is documented, not so. There will be few exceptions of people who gamble at the casinos but do not pass through all that eventhough there is AML in their TOS. There is often a back door to every situation and those who know it will exploit it.

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Quote from: Fivestar4everMVP on October 16, 2022, 03:54:23 PM

Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

So, what do you say, does crypto casinos really care about money laundering?

To be honest with you, if not for the law of the land, that is governments and their regulations, I don't think casinos will care, I personally, If I run a casino, I wouldn't care where the money wagered on my casino is coming from, what's my business with that as long as I am making my profit?

Casino really doesn't care until the government pressure them. Huge wager clients is a good news for crypto casinos as long as they loses and doesn't care about the money laundering at all, but if these huge bettors wins then the casino is now concern with money laundering and will ask this player KYC of all sort Grin

.

Quote from: Fivestar4everMVP on October 16, 2022, 03:54:23 PM

So personally, I think governmental laws and regulations is what has subjected majority of casinos into trying to put up a fight against serving money launders on their casino, outside this, I don't think casino really care.

Indeed, it is the government pressure that makes a casino concern about money laundering aside from that, I also think casino would rather let his player play in peace.

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Quote from: seoincorporation on September 13, 2022, 04:56:20 PM

So, what do you say, does crypto casinos really care about money laundering?

To be honest with you, if not for the law of the land, that is governments and their regulations, I don't think casinos will care, I personally, If I run a casino, I wouldn't care where the money wagered on my casino is coming from, what's my business with that as long as I am making my profit?

So personally, I think governmental laws and regulations is what has subjected majority of casinos into trying to put up a fight against serving money launders on their casino, outside this, I don't think casino really care.

Topic: Crypto Casinos vs money laundering. - page 5. (Read 3497 times)